Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

 $CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture grains futures finished mixed Wednesday with Corn futures sinking to their lowest levels of the year on fund-driven technical selling and plentiful global grain supplies.

Wheat futures rose on bargain-buying after front months fell to contract lows, while Soybean futures firmed modestly.

Soybeans drew support from expectations for increased domestic demand for Soyoil, after the US government late Tuesday imposed duties on imports of Argentine and Indonesian soy biodiesel. Soyoil is the primary feed-stock for bio-diesel fuel.

The most active Corn contract for December delivery fell 4.25 cents, or 1.18%, to 3.5575 bu.

December Wheat delivery went up 1 cent, or 0.23% to 4.3 bu.

November Soybean rose by 0.5 cent,or 0.05%, to 9.38 bu.

This week’s US crop tour is not moving the market, because scouts are not finding any real clear story.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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